- Cambridge Cognition said it expected to post a larger loss than that of last year as a change in the way it recognised revenue was expected hurt results.

Under IFRS15, the new financial standard on revenue recognition, revenue was expected to be in the region of £6.0m. Using the same standard adopted last year to report revenue, however, revenue would have been approximately £7.0m, the company said.

As a consequence of the lower reported revenue in 2018, the loss for the year is expected to be £1.5m, steeper than the loss of £0.3m a year earlier, the company said.

'With a gross margin of over 90% on revenues impacted by the change to IFRS15, most of the reduction in revenue passes through to the bottom line,' it added.

At 9:01am: [LON:COG] Cambridge Cognition Holdings share price was -32p at 68.5p

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